Leong Sze Hian in Singapore's independent on-line media The Online Citizen reports that real wage growth has only been above 1.1% over the last ten years. These disturbing findings go some way towards explaining a latent pent-up resentment from ordinary Singaporeans' towards foreigners' perceived advantages. The real culprits seem to be the Singaporean elite which are not prepared to pay just and fair wages to willing workers. To this elite, nationality does not matter as long as their privileges are safeguarded.
Unequal development and social inequalities have never been a long term winning strategy to turn a country into an advanced and debt-free economic society. The recent examples of Greece, Ireland and Portugal where debt had been accumulated through graft and corruption by the elite and which finally burst their financial bubbles leading to widespread hardship for ordinary citizens could be a harbinger of things to come for Singapore.
And this time, it'll be hard to blame on the Euro.